FinTech Ecosystem report set for launch

MANAMA: The first-ever Bahrain Start-up Ecosystem Report, a data-driven initiative by Bahrain FinTech Bay (BFB) is expected to be released on July 5, it has emerged.

BFB executive director Khalid Saad told the GDN during an event yesterday that the report, which was based on research, interviews and a survey, would serve as a guide for policymakers, investors and entrepreneurs.

“We will initially release a digital version of the report and hard copies will be printed later.”

Mr Saad was speaking on the sidelines of the FinTech eCommerce Solutions Event at BFB, Arcapita Building, Bahrain Bay.

The event was organised by the Industry, Commerce and Tourism Ministry as a part of efforts to introduce businesses and companies to various services and solutions in fintech and to benefit from what eCommerce has to offer in that regard.

Speakers from several digital companies currently present at BFB including Ascend Eventures, Adsertor, BitArabia, in addition to the Central Bank of Bahrain (CBB) were present at the event.

The discussions focused on four main areas: Digital advisory, data analytics, blockchain and related legislations.

Industry, Commerce and Tourism Ministry director of eCommerce and Information Technology Zuhair Al Bahrani stressed the fact that as an innovation fintech relies on the use of technology in competition with traditional financial and banking systems.

“The technology has attracted banks and financial institutions, which in turn have become increasingly interested in an effort to maintain their competitiveness,” said Mr Al Bahrani.

One of the most important investments of the banking sector in fintech was the launch of specialised digital banks in blockchain technology for transient financial payments that doesn’t recognise any geographical boundaries.

According to Mr Saad, BFB was founded as a joint initiative between the government and the private sector to speed up the adoption of fintech among investors and business leaders, as well as government agencies and financial institutions.

“We are proud of our partnership and ongoing co-operation with the ministry given that we share a common goal to promote the adoption of emerging technologies, such as fintech and others,” he added.

“This goes to the core of our business, as in addition to supporting emerging technologies, we provide common workspaces and stations for a large number of fintech service providers, as well as, providing services for start-ups in the same field, all under one roof.”

This attracts customers and investments, providing a space for existing companies in Bahrain wanting to get a closer look at fintech and to test the new ideas that it brings.

The event began with a presentation by Ascend Eventures founder and chief executive Mustafa Ahmed, who highlighted the company’s technical solutions in the field of digital consulting and its eCommerce implications.

Adsertor Middle East CEO Suhail Nawaz spoke about data analytics and its impact on eCommerce.

A presentation by CBB head of fintech and innovation unit Yasmeen Al Sharaf focused on a number of current issues related to emerging technologies in digital financial transactions such as blockchain, cryptocurrency and others, which necessitated a number of laws and regulations to govern them.

Source: GDN Online

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